UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-KSB
[X] Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934
Date of Original Report: March 1, 1999 Commission File Number: 0-9860
BIOSEARCH MEDICAL PRODUCTS, INC.
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(Exact name of registrant as specified in its charter)
New Jersey 22-2090421
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
35 Industrial Parkway, Somerville, New Jersey 08876-1276
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(Address of principal executive offices) (Zip Code + 4)
Registrant's telephone number, including area code: (908) 722-5000
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Item 1: N/A
Item 2: Acquisition or Disposition of Assets
On February 25, 1999, Biosearch Medical Products Inc. (NASDAQ bulletin
board: BMPI), announced that it has reached an agreement with C.R.
Bard Inc. (NYSE-BCR) headquartered in Murray Hill, N.J. to sell off
its intermittent urinary catheter business, which includes a custom
made coating machine for a total of U.S. $650,000 ($200,000) was
previously paid by C.R. Bard Inc. for the exclusive right to
negotiate, which expired in late 1998). C.R. Bard paid $400,000 for
the exclusive worldwide coating technology pertaining to intermittent
urinary catheters and $250,000 for the custom made coating machine.
The parties also reached an agreement, whereby Biosearch offered to
manufacture and coat intermittent urinary catheter components for C.R.
Bard until such time as it decides to perform these operations
themselves.
Mr. Manfred F. Dyck, CEO of Biosearch indicated that these devices are
sold in Europe due to differences in reimbursements. Without having an
active marketing presence overseas, direct sales of these devices have
been difficult. In the past few years Biosearch has sold catheter
components to a large European company who finished, sterilized and
packaged the intermittent catheter. When that relationship ended in
1998, another European presence was sought. C.R. Bard Inc. appeared
to have such a presence which resulted in consummation of these
transactions. Proceeds of the sale has increased the working capital
of Biosearch and allowed an increase of activities into its other
product lines such as biliary stents, coagulation probes and
biofeedback monitors.
Item 3: N/A
Item 4: N/A
Item 5: N/A
Item 6: N/A
Item 7 N/A
2
BIOSEARCH MEDICAL PRODUCTS, INC.
By: /s/ Robert C. Keller
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Robert C. Keller
Treasurer and Chief Accounting Officer
Attested
By: /s/ Robert J. Moravsik
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Robert J. Moravsik
Vice President,
General Counsel and Secretary